Europe remains a mess. But there was no sign of further deterioration worth noting today. Spanish PM Mariano Rajoy told reporters he has been in talks with EU leaders to address concerns regarding Spains banking system. Most experts agree that some sort of bailout will have to be structured to save the Spanish banking system and limit contagion across the eurozone. The 20 Countries With The Highest Probability Of Default >

The Euro 2012 soccer tournament is underway, and believe it or not, some economists have addressed the impacts of the global event on Europe. Societe Generale’s Jaroslaw Janecki thinks the tournament will be good news for the Polish and Ukranian economies. However, Morgan Stanley economist Daniele Antonucci very explicitly said that even a Spanish win wouldn’t be able to generate enough confidence to have a noticeably favourable impact on the struggling economy. “Spain’s football clubs, just like its economy, are more leveraged than their peers, with a few commentators joking that some players might be used as collateral for ECB funding,” poked Antonucci. ACHTUNG: ‘Germany Is Riskier Than You Think’ >

In U.S. sports, it was announced that I’ll Have Another, a thoroughbred who recently won the Kentucky Derby and Preakness, would not be competing for the triple crown at the Belmont Stakes tomorrow. This news is relevant for some stock market watchers. According to the Bespoke Investment Group, stocks fall an average 9 per cent during the months following a Triple Crown win.

The April U.S. trade deficit came in at $50.1 billion, which was narrower than the $52.6 billion deficit economists were looking for. Exports declined $1.5 billion month-on-month to $182.9 billion. Imports fell at a steeper rate, down $4.1 billion to $233 billion. Meanwhile, April wholesale inventories increased 0.6 per cent, which exceeded analysts’ expectation looking for a 0.4 per cent gain. SEE ALSO: The Amazing Power Of Stimulus [Charts] >

Two notable losers in the stock market today were McDonald’s and YUM! Brands. McDonald’s reported disappointing May same-store sales due to weakness in Asia. This had YUM! investors freaked out since the KFC and Pizza Hut operator has around 4,600 restaurants in China. Step Inside The Most Incredible Public Bathrooms In America >

In addition to the Euro 2012 tournament, all eyes will be on a series of economic data being released by China this weekend. Each release will be scrutinized carefully as the last two months worth of economic data has been disappointing leading many to believe that China’s economy is heading for a hard landing. We’ll be covering all the news at Business Insider. Here Are 15 Reasons Why Everyone’s Suddenly Freaking Out About China >

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